The Brookhaven leader., 1887-04-28
Charter OF In corporation OF
the Keystone Lumber and
I'm DrOCenlent COnlD0nu.

I'm prOCenlent Company.
| SECTION l. Geo. S. Lacey, Butler Nc
| Clanhan, Geo. Is. Levy, r. 5. Cot;ingen,
NJ. +. Osborn and Anthony Janettc aud
all other persons who may hereafter be-
come associated with them and their sue
ceSsorS and assigns, are hereby created u
body polite and corporate under the
name and style of the keystone Lumber
and Improvement Company; ami by that
name shall have perpetual succession for
the purpose of manufacturing lumber
and converting lumber into any and all
articles of merchandise, and for buying,
owning and holding such real and person
al property as may be necessary in con-
nectlon with or advantageous TO, the OBJ
jects and purposes of this charter; and
MAY sue and be sued, plead and be i'm
pleaded in all courts of law and equity,
aud may have and Use "a corporate seal
with the right to change the same at
pleasure.
Sec. 2. The capital stock of SAID com
pany shall be one hundred Thousand dol
lars, but the same may be increased by Il
ma jority vote of the stock holders to u
sum not to exceed two hundred Thousand
dollars. This capital stock shall Ice di-
vidcd into shares of one hundred dollars
titCu anu cdCu SLdI tlltlllt the OWlltE
thereof to one vote At all meetings of the
stockholders. A majority OF the entire
stock issued shall constitute Il quoruIn for
| the transaction of business.
| No stakeholder shall he liable insvilu-
ally tor any debt or liability of said cor
| roration beyond the amount remaining
unpaid on stock subscribed or purchased
10y him; and payment to said corporal ion
or To any person under judicial pruccSS,
of the full amount at par of the stock
| subscribed or purchased, shall exempt
such stakeholder from all debts and lla-
bilities of said cOn"anv.
Sec. 3. As soon as twenty-five thou
sand dollars shall have been subscribed to
the capilal stock of the company, the
stockholders may organize and be- in the
proposed business. The principal Office
of SIId company shall he in or near the
town of Bogue CLi,t", with such branch
offices to be located " hen and where said
company may deem convenient.
Sec. 4. Sa d company shall have power TO in
angura1e aud carry on at pr near the sail town
Of Bogue EhtlO business for tine Indhu faCture
of luHluer INTO any and all articles OF mer-
ChanulSe into which the same is cOuvcTtIOi c,and
have the power to- purchase, acquire and hold
without limit all kinds Of property, whether
real, personal or mixed, and may sell, mort
gage encu InOer or otherwise transfer the same
at viii, and generally do all things that may be
beneficial, or advantageous to the Interests OF
said company. Ii may also make and execute
notes drafts and bills of exchange aud may re-
ceve and dispose of the same in tae course OF
ITS business. IL may take deeds III trust, mort
cages, evidences OF deut and ali manner of Sc
CURLY for money due said company, ANA may
buv or dispose of real or personal property
whenever II Is to the interest OF said company
to do so.
SEC. 3. Said company shall have the power to
erect, wherever cunven' ent, buildings, saw
mills, planning mills and such machinery as the
proposed business may require, To construct
ana operate ways or roads of IRON, wood or steel
over which To carry and transport by the power
OF steam, animals or mechanical cuntrlVances
| any and all property for the convenience anu
Oeneht Of SAID business.
Sec. s. The officers Of said company shall
comprise President, Vice President, IT, reta-
ry and Treasurer, whose terms Of orlice shall be
one year from the day OF their election; but they
shall continue III ONCE until their successors are
elected and have qualified. The Stockholders,
however, have the power to remove any oificer
for good ca SO, beforethe expiration OF his
term, and they may, II they SO Mish elect one
person To NIL two offices. The salary # the
officers Shall he fixed by the stockholdersand
may be Increased or reduced at pleasure
Sec. I. The President Vice President and
secretary shall constitute a board OF directors
with power to regulate and contrOl the business
| of the company but only for the time they hold
| their respective offices. The stockholders may,
! however, il they 80 desire, establish Board of
| drec Ors to be composed OF three such members
as they may select, Ill lieu of the board conpOS-
| ed OF said officers. The board OF directors anu
| It's successors shall be vested with ali such pow
| ers and charged with all such duties AS natural
| y and uece ssarlly pertain to the managing and
/ urt ctlug OF the business affairs OF the conpA-
! ny and shall have Dower to enaci and adopt sucn
| bylaws, rules and regulations regarding the
| conducting and controlling of said business as
| may be required; aud may alter and amend the
same at pleasure; Provided, liz bylaw. rule or
regulation shall be in cOnnlCG with the ConsIltu-
/ ton and laws oil the United states anu tue Slate
Sec. s. Ii Shall he the duty of The President of
said conf any TO sign all drafts. checks, Olls OF
! eX hange, notes, deeds in trust, mortgages anu
| convey auCes, to preside at all meetings OF the
| stockholders aud board of directors and To call
special meetings of these bodies when advised
, of the necessity OF the same.
Sec. o. Ia the event OF the absence, rtslgna-
ton or removal OF the President, the Vice
President shall assume aud discharge the duties
of The former. also the duties hereinafter named.
| Sec 10, The Secretary shall conduct all cor
respondence. keep u record OF the proceedings
! of the Stockholders and board oi directors ana
perform such duties as the stockholders or
board of directors at their meetings may order.
Sec IL. The Treasurer shall be the custOJIan
! of all moneys or evidences vi debt belonging To
said company, receiving and disburSins tue
same subjcc TO the VIII Oh the Ooafu VI ulrec-
tors. 49,
Genel al Manager OF the cOmpany. The duties
| of the General Manager or bis successor shall he
TO operate the mil is and machinery, superlnLend
the pracIlcal workings OF the ehtirs business,
/ make all purchases required therefor, sell TIE
manufact ured products, keep all accounts, cor
respondenoe and records appertaiulng to the al
fairs Of his office, and perform such other du-
ties as the board may at any time order. Ills
term of office, his salary ami his work shall be
subject to the rules of the board Of directors u
whom he shall be directly responsible for fLil
account of his services.
/ Sec IS. Any vacancy that may occur by death
resignation or removal of any officer OF member
of tine board OF directors, may he nlled by said
board until the next meeting oi the STOCKHOLM
ers.
sec IA The stockholders and board of dircc
tors may each determihe the time tor their reg
uar meeting. special meetings may be called
whenever the President Is advised Of the neces-
sity OF the same. A majority of the board shall
be quorum tor the transaction OF business.
Sec rs. Dividends shall be declared by the
board of directors at the cnd OF the year or a.
such her time as the stockholders III meeting